IRET - Investors Real Estate Trust - Q2 2014 Earnings Call Transcript

    Company Name:Investors Real Estate Trust
    Event Title:Q2 2014 Earnings Call Transcript
    Event Date:11-Dec-2013
    Event Time:10:00 AM ET



    Good day and welcome to Investors Real Estate Trust's Second Quarter Fiscal 2014 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions].

    After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note that today's event is being recorded. I would now like to turn the conference over to Ms.

    Lindsey Anderson, Director of Investor Relations. Please go ahead.

    Lindsey Knoop-Anderson

    Investor Relations
    Good morning and welcome to Investors Real Estate Trust second quarter fiscal 2014 earnings conference call.

    IRET's Form 10-Q was filed yesterday and our earnings release and supplemental disclosure package for the three months ending October 31, 2013 were posted to our website and also furnished on Form 8-K on December 10th. In the 10-Q earnings release and supplemental disclosure package, Investors Real Estate Trust has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with the requirements set forth in Regulation G.
    If you have not received a copy, these documents are available on IRET's website at in the investors section. Additionally, a webcast and transcript of this call will be archived on the IRET website for one year.

    At this time, management would like to inform you that certain statements made during this call, which are not historical, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Investors Real Estate Trust believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, Investors Real Estate Trust can give no assurance that these expectations will be achieved. Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements are detailed in Tuesday's earnings release and from time to time in Investors Real Estate Trust's filings with the SEC. Investors Real Estate Trust does not undertake a duty to update any forward-looking statements.

    With me today from management are Tim Mihalick, President and Chief Executive Officer; Diane Bryantt, Executive Vice President and Chief Financial Officer; and Tom Wentz Jr., Executive Vice President and Chief Operating Officer.

    At this time, I would like to turn the call over to Tim Mihalick for his opening remarks.

    Timothy P. Mihalick

    President and Chief Executive Officer
    Thank you Lindsey and good morning everyone. First of all, I want to thank all of you for taking the time to listen to our call this morning and I hope you will find the information provided to be beneficial to you.

    As most of you may have seen in our recent release, IRET suffered another divestating loss last week. The Chateau Apartments located in Minot, North Dakota were burns to the ground last Thursday morning December 5th. I'm happy to state that there no injuries were reported from the fire. The fire was confined to the 15 unit and 57 unit buildings on the east side of the complex, both buildings were currently under construction and were not occupied.

    The 15 unit building was anticipated to open in February of 2014 and 57 unit building was anticipated to open in the summer of 2014. As many of you may have remember, this building was vacated during the flood that Minot suffered. And a year ago last February, the same building burned to the ground. They say things happen in threes.

    So from my perspective I'd say, enough already I would like to publicly acknowledge a quick response and the action that Minot fire department to extinguish the fire and to protect the surrounding neighborhood in bitterly cold condition. The Minot fire department along with local law enforcement worked to identify the cause of the fire soon as team is safe to do so.

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